Pensions

To me Prince Charles speaks out on issues which are important to rural England. His most recent intervention, particularly in view of our rural aged demography, about the need for a new approach to pensions is to my mind a very good case in point. This article tells us:

The Prince of Wales today voiced concern over whether Britain’s pensions system is built to cope with its ageing population.

Speaking to a conference for pension funds, he said he feared the today’s young people would be “consigned to an exceptionally miserable future” if the industry failed to adjust to a soaring older population and the effect on the environment.

Although the Prince appeared to be referring to the type of investments made by pension funds, his call to action followed former government adviser Ros Altmann yesterday suggesting pensions were “fit for the past, not for purpose”.

Official figures show that the average 65-year-old in Britain is now expected to live until 84. The number of people over the age of 65 is expected to rise from nine million in 1995 to 19 million by 2050.

Already just one in four over-50s are planning to retire at age 65 – principally due to a lack of savings enabling them to stop work. Meanwhile, the Office for Budget Responsibility has said the rising number of older people will increase spending on the state pension, social care and health care from 14pc of Britain’s national income to almost 25pc.